Modern Classical Economics and Reality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Modern Classical Economics and Reality write by Theodore Mariolis. This book was released on 2016-01-13. Modern Classical Economics and Reality available in PDF, EPUB and Kindle. This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of value based on the spectral analysis of the price–profit–wage rate system. The classical theory is also subjected to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and key economic policy issues related to various multiplier processes. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input–output data from a number of quite divers e economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the traditional neoclassical theory, which theorizes the relative scarcities of “goods and production factors” as the fundamental determinants of relative prices and their movement. By contrast, the results of the empirical analysis are fully consistent with the modern classical theory, which makes the intersectoral structure of production and the way in which net output is distributed amongst its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries (“industry core” or “hyper-basic industries”) are enough to shape the behaviour of the entire economy in the case of a disturbance. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and reveals that, across countries and over time, the effective dimensions of actual economies are surprisingly low. Normal 0 false false false EN-US JA X-NONE />
Classical Political Economics and Modern Capitalism
Classical Political Economics and Modern Capitalism - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Classical Political Economics and Modern Capitalism write by Lefteris Tsoulfidis. This book was released on 2019-09-05. Classical Political Economics and Modern Capitalism available in PDF, EPUB and Kindle. This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies. On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.
Classical Economic Theory and the Modern Economy
Classical Economic Theory and the Modern Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Classical Economic Theory and the Modern Economy write by Steven Kates. This book was released on 2020-06-26. Classical Economic Theory and the Modern Economy available in PDF, EPUB and Kindle. Economic theory reached its zenith of analytical power and depth of understanding in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains what took place in the ensuing Marginal Revolution and Keynesian Revolution that left economists less able to understand how economies operate. It explores the false mythology that has obscured the arguments of classical economists, providing a pathway into the theory they developed.
Capital Theory and Political Economy
Capital Theory and Political Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Theory and Political Economy write by Lefteris Tsoulfidis. This book was released on 2021-05-30. Capital Theory and Political Economy available in PDF, EPUB and Kindle. In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic system impacting on prices in ways which are not possible to predict. These debates were revisited in the 1980s and again more recently, along with a parallel literature that has developed among neoclassical economists and has also looked at the impact of shocks on an economy. This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments. It also pinpoints the similarities and differences between the various approaches and critically evaluates them in light of available empirical evidence. The focus of the book is on the price trajectories induced by changes in income distribution and the resulting shape of the wage rates of profit curves and frontier. These issues are central to areas such as microeconomics, international trade, growth, technological change and macro stability analysis. Each chapter starts with the theoretical issues involved, followed by their formalization and subsequently with their operationalization. More specifically, the variables of the classical theory of value and distribution are rigorously defined and quantified using actual input–output data from a number of major economies, but mainly from the USA, over long stretches of time. The empirical results are not only consistent with the anticipations of the theory but also further inform and therefore strengthen its predictive content raising new significant questions.
Economics and Reality
Economics and Reality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Economics and Reality write by Tony Lawson. This book was released on 1997. Economics and Reality available in PDF, EPUB and Kindle. Discusses and critiques the current practice of economics.
